Bankruptcy is the court governed process by which an individual’s assets are sold to pay off some of the money they owe. After 12 months the bankrupt is discharged to make a fresh start. Our experience means we can manage this process efficiently to enable all parties to move on.
However, that is only half the story, there are a number of reasons why bankruptcy might not be appropriate from the long term effects on the debtor’s ability to obtain employment to whether creditors would get a better return from another process, such as an individual voluntary arrangement.
We can provide value to clients, be they debtors or creditors, by first evaluating whether bankruptcy is the best option and only then advising on the how they can make sure the process proceeds as best as possible for them.
Where there are specific concerns as to a debtor’s conduct, our contentious insolvency team can provide specialist advice.